Proposals to review the economic feasibility studies

8/28/2016 0:00

BAGHDAD - morning
Confirmed banking expert Samir Abbas, the high proportion of the compactness of the total money supply among the citizens and the impact on the business market requires activating the role of the Iraq Stock Exchange in investment and supporting the national economy to attract.

To support the role of the stock market in the economy Abbas suggested in an interview for the "morning" to do feasibility studies by the joint-stock companies to increase their capital to the uses of those increases and give a clear opinion in connection with it to the Securities Commission and the Central Bank of Iraq before approving increases in capital.

It also called for the development of monitoring and follow-up and evaluation system for the performance of the contribution and determine the kinks and negligence and violation of the laws and regulations in force, companies, stressing the importance of the joint stock companies to provide disclosure of monthly and transparency, quarterly and annual that the reports provide annual financial results in a period not exceeding 60 days of fiscal year end.

For the purpose of activating the role of the Iraq Stock Exchange in attracting foreign investment Abbas also suggested the establishment of the Deposit Insurance Corporation and speed up the enactment of the legislation in order to protect public deposits and encourage them to go to the banks and to benefit from the services they provide, and to achieve the central objective to raise the savings ratio to calculate the proportion of compactness and address the lack of liquidity in banks and its impact on the cash market trading.

He said Abbas importance of promoting and activating the central bank initiative to lend to banks for financing small and medium enterprises to achieve economic and social goal, as well as the banks and the Iraqi market for securities to benefit from the launch of the central bank's government bond interest rate of 8 percent for a period of two years in order to reimburse contractors and prepared Bonds to give them banking facilities to all kinds by banks as well as to encourage citizens to acquire in order to withdraw liquidity for internal cash trading.

He influenced Iraq Stock Exchange greatly influenced by the conditions experienced by the country since 2014 because of falling global oil prices, and the costs of the war on terrorism, and other economic accumulations led to the decline in the growth rate in GDP (0.5 percent) and high unemployment rates to 50 percent and poverty to 25 percent and inflation to 2 percent fall in the savings rate of the Central Bank of Iraq to the extent of 20 percent.

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